Javid announces November 6 Budget
Chancellor of the Exchequer Sajid Javid has announced that his first Budget will take place on November 6.
Javid said: “This is the right and responsible thing to do. We must get on with governing”.
He added that the November Budget will be historic, being the first to take place after the UK’s departure from the EU on October 31, and will lay out the government’s plans to “shape the economy for the future”.
Javid said back in August’s spending review that austerity had come to an end, pledging a spending increase for the next financial year starting in April 2020.
The chancellor has already hinted that he could increase government borrowing amid record-low borrowing costs, while relaxing existing government regulations on borrowing against national income to provide more leeway.
Current regulations say that government borrowing must remain below two per cent of national income, equivalent to around £46 billion.
Labour shadow chancellor John McDonnell believes that the Budget will be more of “an electioneering stunt” of Conservative spending pledges, as opposed to a Budget which will “rebuild our stalling economy and reset the direction of our country”.
Meanwhile, BBC assistant political editor, Norman Smith, has suggested that the Budget could be delayed in the event of a no-deal Brexit in October.